Overview
- Bitwise’s amended S-1 locks in a 0.34% sponsor fee and a full waiver for the first month or until assets reach $500 million.
- The trust would stake up to 70% of its AVAX holdings, with roughly 12% of staking rewards retained as expenses and the remainder accruing to shareholders.
- Shares are intended to list on NYSE Arca under the ticker BAVA, with NAV calculated using the CME CF Avalanche–Dollar Reference Rate.
- Coinbase Custody is designated for token custody and BNY Mellon for cash, and Bitwise Investment Manager plans a $2.5 million seed purchase of 100,000 shares.
- The filing retains a delaying amendment, so SEC effectiveness is still pending, as AVAX gained about 6–8% and rivals VanEck and Grayscale target potential Q1 2026 decisions.